Homework Answers
Annual Payment = $3,000
Number of Payments = 10
Interest Rate = 10%
Present Value = $3,000/1.10 + $3,000/1.10^2 + … + $3,000/1.10^9
+ $3,000/1.10^10
Present Value = $3,000 * (1 - (1/1.10)^10) / 0.10
Present Value = $3,000 * 6.1445671
Present Value = $18,433.70
The present value of $3,000 per year for 10 years discounted back to the present at 10 percent is $18,433.70
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